Title 5, Banking

§ 956. Governing law. A revolving credit plan between a bank and an individual borrower shall be governed by the laws of this State.66 Del. Laws, c. 283, § 22;

§ 961. Definitions. As used in this subchapter: (1) “Bank,” “borrower” and “individual borrower” have the meanings given in subchapter II of this chapter. (2) “Business day” means, with respect to recission under § 976 of this title, all calendar days except Sundays and legal pub…

§ 962. Extension of credit. Any bank may, subject to any limitations on lending authority contained in its charter or otherwise imposed by law and subject to the other provisions of this subchapter, offer and extend closed end credit to a borrower and in connection therewith, may…

§ 963. Periodic interest. A bank may charge and collect periodic interest in respect of a loan at such daily, weekly, monthly, annual or other periodic percentage rate or rates as the agreement governing, or the bond, note or other evidence of, the loan provides or as established…

§ 964. Variable rates. If the agreement governing, or the bond, note or other evidence of, the loan so provides, the periodic percentage rate or rates of interest charged and collected in respect of the loan may, if the interest is not precomputed and taken in advance, vary in ac…

§ 965. Interest charges. In addition to or in lieu of periodic interest at a periodic percentage rate or rates permitted by §§ 963 and 964 of this title, a bank may charge and collect, as interest, in respect of a loan: (1) Loan fees, points, finders fees and other front-end and …

§ 966. Deferred installments. A bank may at any time or from time to time permit a borrower to defer installment payments of a loan and may, in connection with such deferral, charge and collect, as interest, deferral charges and may also require payment by such borrower, as inter…

§ 967. Insurance. (a) A bank may request but not require an individual borrower to be insured in respect of a loan under a life, health, accident, health and accident or other permissible insurance policy, whether group or individual, and in the event that a loan to an individual…

§ 968. Delinquent installments. If the agreement governing a loan so provides, a bank may impose, as interest, a late or delinquency charge upon any outstanding unpaid installment payments or portions thereof under the loan agreement which are in default; provided, however, that …

§ 969. Prepayment. (a) An individual borrower may prepay a loan in full at any time. (b) If interest charged pursuant to § 963 of this title in respect to a loan to an individual borrower has been precomputed and taken in advance, then, in the event of prepayment of the entire in…

§ 970. Refinancing. (a) An individual borrower may, with the consent of the bank, refinance the entire outstanding and unpaid amount of a loan, and the bank may charge and collect, as interest, a refinancing charge in connection with any such refinancing. (b) For the purposes of …

§ 971. Attorney’s fees; costs. In the event an individual borrower defaults under the terms of a loan, the bank may, if such borrower’s account is referred to an attorney (not a regularly salaried employee of the bank) or to a third party for collection and if the agreement gover…

§ 972. Loans to other than individual borrowers. This subchapter shall not be deemed to prohibit a bank, in connection with a loan to other than an individual borrower, from: (1) Extending or deferring the scheduled payment of all or any portion of any installment or installments…

§ 973. Application of other state laws. Any other law of this State limiting the rate or amount of interest, discount, points, finance charges, service charges or other charges which may be charged, taken, collected, received or reserved shall not apply to extensions of credit ma…

§ 974. Nonexclusivity; captions. (a) The provisions of this subchapter are not exclusive and a bank may at its option elect to extend credit either pursuant to this subchapter or as otherwise permitted by applicable law. (b) Section headings and captions contained in this subchap…

§ 975. Materiality of terms. All terms, conditions and other provisions of and relating to any extension of closed end credit as contained in this subchapter or in the agreement governing, or the bond, note or other evidence of the loan (other than those which are interest under …

§ 976. Governing law. The agreement governing, or the bond, note or other evidence of a loan between a bank and an individual borrower shall be governed by the laws of this State.66 Del. Laws, c. 283, § 24;

§ 977. Commissioner’s regulations. The State Bank Commissioner may prescribe regulations to carry out the purpose of this chapter.66 Del. Laws, c. 403, § 2;

§ 978. Short-term consumer loans. (a) In addition to such other limitations and requirements as are imposed pursuant to other provisions of this subchapter, short-term consumer loans shall be subject to the following: (1) No bank, trust company or savings bank shall make more tha…